The market is projected to expand by $4.43 billion through 2027, driven by battery innovation and DIY trends.
April 2, 2024
ELMHURST, IL—Global sales of cordless power tools are expected to increase from $12.5 billion in 2022 to more than $16.9 billion in 2027, representing a compound annual growth rate of 4.5 percent, according to market research firm Technavio.
Since EV manufacturing is a relatively new industry, experienced assemblers are few and far between. Error-proofing technology is therefore critical to ensure quality and safety.
Threaded fasteners are the most common method of product assembly. The primary advantage of threaded fasteners is that they permit disassembly of the parts for repair or recycling.
The need to extend the range of electric vehicles is pushing automakers to adopt higher battery voltages. Most passenger EVs are powered by a 400-volt battery pack, while electric buses and trucks are powered by 600-volt battery packs.
On Demand Become an informed consumer! Before you hit the show floor, tune into this exclusive panel discussion featuring executives from three of the nation’s top suppliers of fastening tools: Desoutter, Panasonic, and TorqTec.